Explanation
Background: This ordinance authorizes the transfer of funds in the amount of $90,331.43 within the Development - Taxable Bond Fund to reimburse project eligible staff time incurred by the Department of Development’s Division of Housing’s inspection of bond eligible projects.
The Division of Housing’s Homeowner Services Center has grant programs that assist individuals and families with remaining in their homes and live independently in a safe and sound environment. Programs include: Emergency Repair, Roof Replacement, and Critical Home Repair. These Homeowner Services Programs are currently bond funded. Once a project at a home is approved, City staff engage a contractor to do the work, and then City staff inspect the work before deeming the project complete.
Division staff who inspect the projects are budgeted within the General Fund. They track their time inspecting bond eligible projects and each quarter, the department does an expenditure correction to move the inspection expense to bond funds. In years past, the expense was charged to a blanket ACPO. Beginning this year, the department desires to establish a dedicated ACDI for this expense. New ACDI’s will be established in future years as needed.
Emergency action is requested in order to move expenses timely and maintain an accurate General Fund budget.
Fiscal Impact: $90,331.43 is available within the 2024 Capital Improvement Budget, Development Taxable bond fund. An amendment to the 2024 Capital Budget is required to establish sufficient budget authority for the project.
Title
To amend the 2024 Capital Improvement Budget; to authorize the transfer of funds between projects in the amount of $90,331.43 within the Development Taxable Bond Fund to reimburse project eligible staff time incurred by the Department of Development’s Division of Housing’s inspection of bond eligible projects; and to declare an emergency. ($90,331.43)
Body
WHEREAS, the Department of...
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